joining us tomorrow, dr. mehmet oz, devin nunes and dr. nicole saphier. follow me own twitter on lou dobbs. we thank you for being with us through this hour.

fractional moves overnight in asia.

and now the latest on the coronavirus this morning. 1 million people have now become infected. the united states is representing nearly a quarter of the world cases and the cdc is expected to advice all of americans now to wear cloth masks in public to stop the spread of the virus. vice president mike pence saying that the new guidelines are coming in the next few days, this on top of social distancing rules. the coronavirus task force keeping close eye on louisiana, michigan, indiana, georgia and illinois as next potential coronavirus hot spot. in louisiana 26% of all tests are coming back positive. connecticut being watched closely this morning. covid-19 fears growing abroad stranded crew ship.

princess cruise ship headed to florida today with several infected passengers, comes as a crew member dies on the celebrity infinity ship sitting off the coast of st. petersburg this morning. cruises finally dock at port everglades. passengers will remain on board until they are deem medically fit. more coronavirus fallout meanwhile in the u.s. airline industry. american airlines reportedly plan to go cut its international summer schedule by 60%. the carrier will also delay the start of new routes as well. american airlines in cutting international schedules due to sharp decline in customer demand amid coronavirus. investors await march job's report and due out at 8:00 a.m. hour and we are all looking at job's picture today.

estimates with loss of 10,000 jobs and unemployment rate of 3.8% after yesterday's shocking week jobless claims numbers. president trump weighed in on the white house. >> you see 6 people unemployed. you see 6 million people. it's an artificial closing. it's not like we have a massive recession or worse. think of what we are doing. don't go to work and we will pay you. everything is the opposite. it was always go to work and make a lot of money and do well and the american dream. maria: joining the conversation this morning fox business dagen mcdowell and chief economist john lonsky.

dagen, i believe the way the unemployment numbers are tracked, you're not getting the full month of march, so even though we are going to get higher unemployment rate this morning, it probably doesn't tell the true story of how weak the job's market has become. dagen: indeed, the jobless claims tell a better story. people following unemployment and given the backlog on state unemployment offices those numbers are not the clearest picture. just to put this march job's report in perspective. new york only shut down like complete shut down, nobody go to work less than 2 weeks ago. the order went into effect march the 22nd and this job's report, the survey used to calculate unemployment rate asked if -- asked americans if they were reported to work during the week of march eighth to the 14th and then the other survey that's used -- the survey of employers used to calculate the actual

hiring number was done during pay period that included march the 12th. this really misses much of the shutdown in the nation and why it's not a clear -- really clear number on what's going on with workers. maria: yeah, it sure is. you see it up close when people coming to your firm looking for opportunities or basically saying, look, i'm going to take this next couple of weeks on the sidelines. >> right, you know, maria, it is really is a tale of two economies. we are seeing, of course, automotive being the hardest sectors that has been hit and you can see unemployment claims that actually came out yesterday. i was looking at individual states and many states in the south with large automotive plants have, of course, the highest numbers. that's been one of the hardest-hit industries, we are

seeing that automotive makers, the largest ones are paying their people for 2 weeks, to 4 weeks during the shutdown but you think if it extends out longer the unemployment claims, of course, they are going to go up in the automotive sector as well as the other sectors, so to dagen, point, when we looked at the february numbers there was 5.8 million unemployed people, we are not going to see the full impact today in the march job's report, the unemployment claims really is a better indicater and to look at the last 2 weeks with 10 million unemployed people just in the last 2 weeks and from the front lines we probably don't see that and we expect big numbers in the next few weeks. maria: when you consider the numbers that we saw yesterday on

job's claims, what are you expecting in terms of the economic impact, john, tell me how you see all of this? john: the economic impact may be horrible, the unemployment rate easily reaching 9% going up to double digits, i wouldn't be surprised if that happened. we are talking again, figuring the loss of maybe 25 to 30 million jobs, you know, this is a downturn like no other. maria: yeah, sure is, you're right. coronavirus is taking its toll literally on the american worker with all of the companies shutting down or furloughing employers. wallet disney company furloughing nonessential workers, the latest keeping theme parks closed and delaying big box office films, disney parks closed since the beginning of march. disney will pay hourly and

employees and you're still getting the paychecks john and joani and do you think this goes on indefinitely? john: it softens the blow and what we want to see to it that workers and small businesses have enough money on hand so that we avoid what would be a very damaging increase by bankruptcies or foreclosures. that's critical importance. if we want to maintain financial stability, we can't have a jump in bankruptcies or foreclosures. it remains to be seen how long companies can continue to pay workers. dagen: i just want to point out something really quickly that if you get furloughed and a lot of the furloughs that we are reading about, it sends the message, say if you're a macy's or a disney that you're going to get hired back at some point, but like macy's is paying for

short-time health benefits but not paying salaries and not paying hourly workers, what does this mean? if you are furloughed you can apply for unemployment benefits. it varies by the state. don't get mixed up by the word furlough, if you're not working broadly speaking you can get unemployment expanded by the 2 trillion-dollar package. maria: stay with us. we will slip in a short break. former senior adviser mark penn, plus communication's chairman ceo rocco how he plans to help his native italy recover from coronavirus pandemic. at 7:00 a.m. denise lockhart,

tim on new digital tool to fight pandemic and connect connect ceo and then at 8:00 a.m. hour don't miss we begin coverage of much anticipated march job's report. we also have ohio senator rob portman on the coronavirus pandemic and capital partners dan niles coming up on business outlook, first quick break and markets coming up next. markets are lower, dow industrials 250, back in a moment. ward jones. it's time for investing to feel individual. i am totally blind. and non-24 can make me show up too early... or too late.

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to protect your loved ones. and we'll do it for 168 more. maria: welcome back, job's in america, expecting lower opening in broader averages, down 250 on the dow. investors waiting for job's numbers this morning. this follows a record 6.6 million americans filing for jobless claims just last week. we had the numbers for you yesterday. certainly a different story for oil. prices are surging this foreign after a record rally yesterday. president trump is meeting with oil executives today and the president has been speaking with the head of saudi arabia and russia to try to get them to grow to a production cut. he believes he has done that and that's why all prices are up 5%, joining me right now over the phone, company cochief

investment officer hank smith, hank, good to have you on the program this morning. how do you invest on the market? >> you really need to focus on quality and financial strength. if it was important before, it is most important today, so this is not a time to speculate, this is a time to focus on high-quality financially strong stocks and it's also a time to rebalance for those clients that have a balance of stocks and bonds, it is a trade for sure but this needs to be done, it's part of being a disciplined investor. maria: john, what about energy, big story as the president tries to get russia and saudi arabia to come together. he has gotten them to agree to a production cut and -- and prices

are up 5%. we know that the shell industry is hurting with the price down here at $26, even lower this week, would you step in to buy energy here? john: i think at this point in time i would be cautious. energy stocks are down more than 40% on average. they are basically leading the market lower and with that in mind it may not be a bad idea to take a risk, a bit of a chance. going back historically, looking at above 60 points often, usually when this happens, the good news is 12 months, we are looking at substantial double-digit percentages advances by the overall equity market. you still need strong market to do that at this point in time. maria: you sure do.

hank, what about that, how about retail? retail stocks which ones should investors be keeping their eye on and tell us what sectors might be that -- that attractive for you? >> sure, i think both sectors energy and retail is a picture of have and have notes and i think you're going to see a number of bankruptcies in those overlevered companies but in the retail sector, we like home depot and we like lowes, two companies that are going to manage fairly well during this what we think will be brief but obviously deep recession and then coming out on the other end we will do well as there's a gradual unleashing of pin-up demand particularly of this state in the early summer and people who get outside and get working on the projects and what have you, but, again,

financially strong companies and that will survive this environment. maria: hank, let me ask you, you said when we come out of a recession. you are expecting a deep recession, when do you think start to turn recognizing that it's all about the virus. we are waiting on antiviral therapies to hit the market in a big way, vaccine, year and a half away, when would you expect markets to start looking ahead to this -- to the rebound and do you think that happens in the fourth quarter or sooner? how do you allocate money with all of this uncertainty? >> right, so you're absolutely right. it all depends on the virus and when it peaks and begins to fade. it'll vary between regions in the country. it'll beginning to fade in the early summer and then starting in the second half of the third quarter and accelerating in the fourth quarter you'll have a

recovery that will be based on a grand -- gradual unleashing pinned-up demand and don't forget stimulus in place and that would serve as tailwind for the recovery. one more observation, as is the case in every bear market, the stock -- the stock market will -- while headlines are draconian and that might happened, who knows, 3 weeks from now. i think that we will have a retest. that would be consistent with every single bear market having test at bottom. i do think the bottom has been put in a week ago monday but i think we will be a test of that and that would be consistent with past history, but also consistent with past history is the market will begin moving as

headlines are bad. maria: thank you very much hank smith. stay with us, we will be right back. nowadays you do more from home than ever before.

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>> russia talked about 10 million-barrels, russia and saudi arabia are fighting over this and as everybody knows, it's, you know, really killing an industry and it maybe be ten and it may be more than that. i was actually told it may be 10 as i told somebody before. it may be 10 and maybe more than that. maybe 15, maybe goes up to 15. it would be great for russia, it would be great for saudi arabia. i hope they make that deal. maria: president trump yesterday expressing optimism about a russia-saudi arabia oil deal

sending crude prices through the roof, oil extending rally yesterday on this idea that we are going to see production cuts as you can see oil at 26.44 a barrel. the president talked with mbs in saudi arabia. dagen, your reaction as oil has dropped like a rock and obviously this is going to hurt a major important industry in the u.s. and that is the shell producers. dagen: indeed, wall street journal has the editorial about this thing. you will hear more calls from shell producers for quotas and tariffs, like a production quota and the editorial board at the journal cautions against that one on production quotas, they aren't going to be following, even opec can't control production of all members and during the great depression, in fact, we had limited -- we had limits on production and we raised prices but some states, of course, produced beyond their

quota. in terms of tariffs, we get most of our oil import from canada, not wise to start another trade war with our neighbor to the north who we are really leaning on for supplies of everything during this pandemic. maria: yeah, it's also real indicater for the economy, john lonski, when you see oil like this, there's an issue between saudis and the russians, but you are looking at this as indicater that you have global command dropping in the face of the coronavirus. >> that's right, gasoline is cheap but who is driving, who is taking advantage of these low gasoline prices. so until the world economy begins to recover normalized you are going to see a lot of downward pressure on oil prices. maria: all right, we are looking at oil prices as well as stock prices off of the highs as a result of what's going on.

joani courtney, what are your estimates, do you have any clarity or vision within the next year of when you would expect employers to start adding workers back? >> yeah, maria, i wish i had a crystal ball on this. you know, i think everyone is really trying to figure that out. we do see that many employers right now are trying to -- to do deep cleaning of their plants and ways to bring employees back when we do have to see the turn but i have to comment on the oil industry. the oil industry is getting the double whammy right now and the oil industry employs over 10 million people and right now there's concern that smaller add medium-size companies are not going to be be able to make it

through this, you know, downturn even if it's short lived so this definitely concerns around that. maria: you're right. dagen: to put an exclamation point on that, we don't know how many jobs in this country at large, medium and small businesses will be destroyed. we do not know. maria: yeah, we don't. that's the unknown here. that's why markets are where they are and there's so much fear out there. let's slip in a break. when we come back we have the new concern of coronavirus. we want to bring it to you when we come right back. stay with us. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere.

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maria: welcome back, good friday morning. thank you so much for joining us. i'm maria bartiromo, it is job's friday, april 3rd, 6:31 a.m. on the east coast. the economic impact of the coronavirus. march job's report is due out this morning at 8:30 a.m. eastern. 2 hours from now. we have full coverage this morning beginning at 8:00 a.m. eastern. ahead of the numbers futures pointing to decline at start of trading. take a look at markets, the s&p futures down 26, and the nasdaq futures lower by 78 after markets manage today stay a bit of a rally. dow industrials up 469 points. nasdaq was up 126.

prices surged nearly 25% following president trump's comments on a possible agreement between russia and saudi arabia to cut production up to 15%. the president meeting with oil executives today at the white house on how the president helped get them to a place where they cut production 10%. he says it could be as high as 15%. the impact of the virus being felt across europe. the march purchasing manager's index for the euro zone hit all-time low of 28.7, you see the numbers. the cac quarante down 35 and the dax index lower by 18. in asia overnight markets were fairly flat. korea and japan just able to squeak out fractional moves to upside, the others fractionally lower. u.s. embassy, meanwhile in japan says american citizens should make arrangements to return to the united states now unless prepared to remain abroad for an

indefinite period as the virus spreads. the commander of the u.s. aircraft carrier hit hard by coronavirus outbreak relieved of duty. cheryl casone with the details on that? cheryl: captain has been removed days after letter expressing concern of the spread of the coronavirus on his ship with leaks. acting secretary of the navy says that he used fore judgment sending a letter through nonsecure e-mail and copying nearly 30 people breaking the navy's chain of command. so far more than 100 sailors aboard aircraft carrier have tested positive for the virus. well, apple reportedly delaying the opening of doors until at least may due to covid-19. the company told employees to keep working from home as monitor stores and follows officials guidance, coronavirus forcing closing u.s. stores last month. stocks down 1% this morning and

in premarket 242.06 read on apple. 1.2 million medical masks from china for hospitals, massachusetts, rhode island and new york. massachusetts governor baker bought the mask but needed the team's help to get them to the united states. the plane only reportedly allowed on the ground for china 3 hours and took nearly the entire time to load the cargo. it was down to the wire for them. and finally, maria, a 7-year-old and aspiring journalist has gone viral for a miami that really everybody needs to hear. >> this morning because it's trying to get and can fight it but -- [inaudible] >> be safe and stay home.

cheryl: okay. very simple, very important. the girl's dad said she we wanted to use the school project a way to explain the coronavirus and the importance of staying home. i don't know, maria, i think our jobs might be in jeopardy, just my opinion. [laughter] maria: well, she did explain it very well actually, that was gate. love it, cheryl. cheryl: thank you. maria: coronavirus spreading throughout the united states, the latest numbers show nearly a quarter of a million confirmed cases in the u.s., more than 6,000 deaths and over 1,000 just in the past day. the cdc is expected to advise all americans to wear clothe masks in public. the virus could be spread through breathing or talking. president trump spoke about the potential measure yesterday. >> as an example on the masks, if people we wanted to wear them, they can. if people wanted to use scarfs which they have and many people have them, they can.

now recommendations are coming out and we will see what the recommendation is. maria: joining me right now is infectious disease expert johnson hopkins senior scholar amish, great to have you this morning, what's your take on this. , are we just vulnerable walking around talking to people because the virus is in the air? >> the idea for the masks in the general public comes from the fact that there are some individual who is might have symptoms, who may not have symptoms but still be contagious, so they are thinking if people wear masks are less likely to spread to others. there's a lot of caveats to that. one we didn't want taking away from constraint in hospitals. people wear homemade masks and they stop washing hands and don't store masks properly and contaminate people with their

masks. if they are using home made masks, i just don't want people buying hospital-grade masks. maria: if you want to stay away, the average person who might not have any symptoms, don't buy the hospital masks because we need those for professionals but at the same time covering your mouth, right, should we be wearing masking because if this is true that this is in the air this is a lot more contagious than a lot of people expected. >> so this is based on the fact that there might be people walking around that are breathing this. it's not necessarily in the air and airborne like measles and droplets. there have been studies in the past with respiratory when general public wears the masks, they don't necessarily seem to be that effective. you are seeing change in guidance but still a lot of controversy whether this will be effective and if someone wants to hear a homemade mask that's fine,i just don't want them to

think that it will make the country impervious to the vie -- virus. maria: i agree with that. let's talk about the drugs that the president has spoken about, the antimalaria drug, help speed of mildly ill, mildly ill coronavirus patients according to doctors in china. what's your take on this and what could this mean for the treatment coming in the united states? >> well, there's a a lot of interest in hydroxychloroquine, the president has talked about it and there's been clinical studies and we know that it as antiviral that can be used in viruses. this can be used several times at least in my practice with patients with the coronavirus. i don't have enough data to be able to say whether or not it worked or not but something that we are doing in many hospitals as part of a protocol and also clinical trials. we need to understand the f this works, who it works on, what the

time of window it would and promising developing if it does prove to be effective especially those individuals who are hospitalized and trying to decrease more -- mortality and hopefully we will get definitive answers soon. maria: hopefully, dr. amesha a adalja. coming back covid-19 and politics, back and forth over stimulus package, next

. . . .

maria: welcome back, president trump versus top democrats. house speaker nancy pelosi announced a new house committee to oversee the federal response to coronavirus. the president slamming it as another witch hunt. president writing a scathing letter to new york senator chuck schumer who has been vocal of his response of the pandemic as well. letter in part reads this, if you spent less time on ridiculous

impeachment hoax and instead helping the people of new york, then new york would not have been so completely unprepared for the invisible enemy. i've known you for many years but i never knew how bad a senator you are for the state of new york. schumer responded she's appalled and to stop pettiness. senior adviser to clintons and stagwell president and president and managing partner mark penn, great to have you this morning, thank you so much for being here. mark: thank you, good morning. maria: what's your take on all of this? kim strassel in the journal this morning writes this, polls face coronavirus test. the trump administration spent this week distributing ventilators, small business loans, dispatching hospital ships, explaining virus modeling, revamping regulations to keep truckers on the road and plastering the air waves with information about hygiene and social distancing, speaker nancy pelosi spent the week setting up

a new house committee to investigate donald trump. >> well, i think democrats here are walking really a fine line and in the latest harris poll that we did it shows conclusively that 60% think that nancy pelosi is acting out of partisan motives during this crisis. now, no politician gets off. overall two-thirds says everybody is acting too partisan when trump goes tit for tat then he looks like he's partisan too. he's seen less partisan and democrats and pelosi are very, very unusual for any crisis for any political figure who want to be seen. i've never seen anything like this before. i think democrats should take the warning out of -- out of the poll and come together because that's really what the american

people want. maria: of course, mark, how do they not know that? really, how does she not know that? when you think in the last 2 weeks and all the back and forth $2.2 trillion stimulus package and republicans were pushing back against nancy pelosi wanting money for planned parenthood in there, money nor solar panels and $25 million in kennedy center, people are scared through coronavirus vote now. mark: that's right, there's tremendous fear and the president's ratings have been moving up slightly. the partisan divide remains, but partisanship by forming an investigative committee in the middle of the crisis, that's a rooky mistake here. i don't know why they would go on this tangent. even the political base doesn't want to see things right now. maria: so the election is changing by the minute.

i mean, democrats are pushing back national convention as you know in milwaukee until the week of august 17th in response to the coronavirus pandemic. it was supposed to be in july. the move making it more likely that the party can hold in-person gathering and tease up the event one week before republican convention which is happening a week later in charlotte, north carolina. given all of this back and forth and this politicking going on, would the voters react come november? >> well, i think -- i think they are definitely going to react. i don't think there's much of a presidential race at the moment. it's really president trump against president trump. after all 60% say the virus is the number one issue followed by healthcare, followed by the economy, concern about the economy is rising, 58% want to balance between measures that make us safe and that keep the economy.

president trump generally seen ratings go up and on the other hand the crisis isn't over. i don't think right now a horse race between biden and trump means anything. this is the major crisis confronting the country. it's a presidential test almost unlike any other. maria: you're right. yeah. meanwhile former vice president joe biden is offering to call president trump with advice on the federal coronavirus response and the president said, he would love to speak with him and biden's campaign is setting it up. how do you see this playing out? >> i see that as a win, win, win. i think that's absolutely the right thing for the president to do. i think it's a win for biden because he's sitting in the basement and win for trump because he's reaching to the other side and the win for the country because we want democrats and republicans to be working together right now. maria: yeah. all right, we will leave it

there. mark, great conversation as always. good to see you, thank you. >> thank you. maria: we will see you soon, mark penn, coming up saving italy, effort behind rebuilding the country in the wake of the virus. stay with us on that. it's next. i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424.

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maria: welcome back, coronavirus pandemic taking a toll on the global economy and people across the world and wide range of industries. my next guest one of the top capable companies in the country with 4500 employees. joining me right now media com communication rocco commiso, i want to get to italy but first

let's talk about the u.s. and what you're doing at the company and how your employees have been impacted, rocco. >> maria, good morning, thanks for having me. as you know, gladly bring business in all our market and we are a critical industry. internet, television at home, show at home and i'm glad to say that our 4500 employees even though most of them are working from home that they help customers and i'm proud of them because they've been through fires, earthquakes, tornadoes, floods but they always stood up, they always rose up to the situation to make sure that

services are always available. i also want to this morning want to make them feel and there's a lot of people, 10 million people in unemployment line, we have again to good and bad over the years. september 11, 2008. the layoffs and we hope to be able to save, you know, with this crisis. mediacom, i'm proud to announce that. maria: well, i mean, look, you are a native of italy. your company also fairly new owner of one of the italian prosoccer clubs. obviously all of that is happening is impacting you and your businesses very much. we are looking at pictures of italy. there's been a national lockdown being extended in italy as the country's coronavirus death toll closing in on 14,000, rocco, the number of cases in italy has

slowed but officials say it's far too soon to make predictions of the path. industries there have been shut down for more than a month. rocco, what is happening right now in italy. can you give us a sense of where things stand in terms of the health of citizens as well as business? >> yeah, unfortunately we are the most hit country in the world, percentage of the cases, you know, we are in the ninth, 10% level. it started in commercial centers, moved down a little bit. thank god it hasn't gone all the way south but 14,000 people is a lot of people and huge percentage of those people that have been affected by this virus the entire economic situation has stepped down. everybody is working from home.

everything is locked down and the beautiful city of florence where i own the soccer team, june of last year, and look what i find. soccer is not played and -- and the people, my employees, the team members locked down at home. we had a lot of cases in our team, maria, some of whom had to be taken to the hospital affected by the virus, but thank god things are getting slightly better. the cases that we see are not as high and -- and it's prelude of what may happen in america in the sense that we are on the left-hand side of the curve and hopefully at the high point of

the curve but -- maria: yeah. >> i just think about it. 60 doctors, frontline people have already died as a result of catching the virus and dying from it. maria: just terrible. >> not just the economies but the whole medical system is in a mess too. maria: yeah. and, of course, so many of us send condolences to everybody in italy. i think our viewers know i've been a big supporter of the italian american community here in the united states involved with columbus foundation and the national italian foundation. you started a gofundme campaign to help hospitals in italy. you raised more than 750,000 euros, that's about $800,000 so far. tell us where that money is going, rocco?

>> well, to florence and has become largest fundraiser related to coronavirus and whatever they need that they can't otherwise get through public system, public system hospitals, they are going out and buying, whether it's ventilators, whether it's gowns, i'm beginning to speak more italian these days and anything -- ambulances, anything that they need, okay, to support the system in and around the city of florence. maria: okay, rocco, thank you very much for joining us and explaining the situation to us. i know the u.s. sends love and support to italians everywhere. thank you, rocco. >> let me -- maria: we will be watching. we will be right back.

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bright dawn our country has endured. it has seen the break in the clouds before anyone else. for the past 168 years, we've also stood by you, helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more. maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is jobs friday, april 3rd. your top stories righ right now. most of the united states is on lockdown. global cases have topped 1 million. the virus affecting the united states' economy and the american worker. the march jobs report is out in about an hour and-a-half, 8:30 a.m. eastern we will get the numbers. economists are expecting a decline of 100,000 jobs in the month of march. that would end a record 133

months streak of job creation. the unemployment rate is expected to rise to 3.8%. we have full coverage this morning beginning at 8:00 a.m. eastern, all hands on of deck on jobs. ahead of the numbers, markets are lower, futures indicate a decline at the start of trade. a decline of 230 points on the dow industrials, s&p down 25, and the nasdaq lower by 76. this after the u.s. markets managed a bit of rally at the close yesterday. 4:00 on wall street, the dow was up 469 points, nasdaq was up 126 and s&p was up 56. oil prices extending yesterday's rally this morning. prices surging this morning, 4 and-a-half percent, but up nearly 25% following president trump's comments yesterday on a possible agreement between russia and saudi arabia to cut production by up to 15%. the president meeting with oil of executives today at the white house for more discussion on saving the shale producers, among others. help for small business is on the way.

loan applications open today but concerns remain about the volume, the white house says money going to individuals should start appearing in bank accounts in a couple of weeks. new recommendations this morning on wearing masks to stem the spread of the coronavirus. we are going to wait to hear what the cdc says but it is widely expected that when you are going outside of your home, wear a mask. take a look at this live picture from earth kampf of myrtle beach, south carolina. it is a beautiful morning but the beach and board walk are empty. "mornings with maria" is live right now. global markets this morning are under selling pressure, european indices down across the board. fq100 is down 58, cac is down 40, dax is lower by 32. the impact of the virus being felt across europe. the march purchasing manager's index for you're row zone hit an all-time low this morning. in asia, markets were fairly

flat, not a lot of direction there. you had korea and japan able to squeak out fractional moves to the upside. hong kong ordering bars to close for two weeks threatening fines and jail time for anybody who violates those rules. now we want to check interest rates. the yield on the 10 year treasury looks like this, the yelled now at 0.600%, down another 9/10 of a basis point right now. joining the conversation, dagen mcdowell, joanie courtney and john lonski, on the day we get a look at the jobs market in the face of all this. good morning, everybody. >> good morning. >> good morning. maria: we want to bring you the latest on the coronavirus. here are the numbers. more than 1 million people have been infected with this virus across the world. at least 53,000 people have died. the united states represents nearly a quarter of the worldwide cases. the cdc is expected to advise all americans today to wear

cloth masks in public to stop the spread of this virus. vice president mike pence says the new guidelines are coming in the next few days. this would be on top of the social distancing rules already in place. meanwhile, covid-19 fears growing aboard stranded cruise ships struggling to get back to land. a princess cruise ship is headed to florida today with several infected passengers. it comes as a crew member has died on the celebrity infinity ship. that's now sitting off the coast of saint peter'sburg. 14 hoars14 others were rushed te hospital after the ship docked this week. at least 70 passengers an crew members with covid-19 symptoms will remain on-board until they're deemed medically fit. small businesses can now start applying for loans beginning today but some banks may not be ready. jp morgan chase e-mailed customers telling them it will most likely not be able to accept application as it waits

for guidance from the small business administration and treasury department. the $350 billion program is pat of the stimulus package approved by congress last month. jp morgan chase shares down a fraction. futures are under pressure this morning, investors are awaiting the march jobs report this morning, due out at 8:30 a.m. eastern. predictions are a decline of 100,000 jobs, it would be the first month of job losss in a decade. joining me right now on the phone is the former federal reserve bank of atlanta president, dennis lockhart. great to have you this morning. thanks for weighing in today. >> thank you, maria. maria: the numbers this morning interest the labor department will not include the full month of march, right. so we may very well not get the clear and the accurate depiction of what's going on in the jobs market today from this monthly number. is that right? >> that's right.

i think the jobs report this morning is out of date and really very materially out of date. the survey is taken in the week that the 12th falls, 12th day of the month and that was before we saw the last two jobs claims or of unemployment claims numbers so as you said at the top of the hour, when the unemployment number comes in at 3.8% or something like that, it rises slightly from where it is today, that is not today a realistic number. i calculate the unemployment rate is probably closer to 10% or even conceivably greater. maria: that's what i was saying earlier, that based on what we saw yesterday with the jobless claims you're probably looking at an unemployment rate of 9 or 10%, exactly what i said

earlier. dennis, let me ask you this. how would you assess the situation today? the coronavirus pandemic quickly evolving from a health crisis to an economic and financial one with all of these businesses closed, up-ending industries, sending financial markets reeling. the federal reserve taking unprecedented action to support the economy, we're talking about 25% of the gdp. that stimulus from the central bank as well as the federal stimulus. how do you assess things right now, dennis? >> i think it's very hard to really nail down a realistic or an accurate forecast at the moment. much depends of course on the forecasts for the epidemic itself and the epidemiologists have a variety of different view as to how this is going to evolve. from that, i think you can make some guesses about how the economy will go. but today, i think we're clearly in recession, the beginning of the second quarter and the second quarter's likely to show

a very substantial contraction in the economy and then the third and fourth quarter will depend a great deal i think on not only how the epidemic evolves, but also how the cares act is i' implemented. some of the comments you made earlier i think are quite worrisome. at the beginning, some of the banks are not sure what the instructions are, and so we're not getting this implemented as fast and effectively as it should be, maybe that's a matter of a day or two, but that's to me the important thing today. maria: so a lot of people are talking about the potential of a rebound in the fourth quarter and you just said, look, it all depends on when this money reaches people obviously and of course it depends on the duration of the virus and whether or not we can in fact get the anti-virals out in the market in time. but once we do see a rebound, dennis, do you think it will be this sharp snapback as so many

have been saying? i mean, whether it's the fourth quarter or 2021, how would you characterize or navigate what's about to happen on the other side of this, dennis? >> well, again, that's a matter of great uncertainty. as you know, the economists talk about a v-shape, a u-shape and an l-shape. it's easy to sort of split the difference. i would think the most realistic or the least -- the basis for planning should be something closer to a u-shape. and that is there will be enough damage, enough disruption that it will take a while for the economy to rebound. maria: john lonski, jump in here? >> yeah. dennis, i want to congratulate the fed at how quickly it acted to assure an adequate supply of systemic liquid at this tity top companies. if you go back to the financial crisis in 2008, we had a

horrendous, terrifying drop by investment grade corporate bond issuance, down by more than 60% year over year. but march and april to date has been the exact opposite because of these credit facilities, the fed set up. we have had investment grade bond you issuances, the ability of blue chip companies to access money, that is up by more than 100% from a year ago. it proceeds at a record-breaking pace and i think the adequate supply, more than adequate supply of liquidity will help to mitigate the damage that's now being done to corporate earnings and corporate balance sheets. >> yeah, i think the fed should be applauded in what they've done. they've already exceeded what was done in 2008, at least in the scope of activity and as you pointed out, corporate bonds, also municipal bonds are being supported, those markets are being supported. in the past, those were out of

bounds. but because of this, the nature of this crisis, the fed has found ways to do things that historically it hadn't done before. maria: yeah, i know, but dennis, are we out of bullets at this point? people are worried that, well, the fed has thrown all the bay bazooksa it can. i recognize 25% of gdp is quite extraordinary. maybe now was the time to use ought of its m might. >> i think the fed has deployed most of its tools. i'm sure there are a few markets that deserve attention and they'll be announcing a few more things. but most of what they can do has been implemented and now it's a matter of executing well, making sure that there' their support s is actually working. yesterday an article in the financial times mentioned the

commercial paper market and that program may be not working perfectly yet. so they've got to fine-tune now and make sure everything they're trying to do is effective. the fed is important, terribly important, but really right now i think the attention should be on the implementation of the programs in the cares act. maria: all right. we will leave it there and certainly watch the i'm phlegmation of it. dennis, thanks very much for your time this morning. great conversation. we so appreciate it. >> thank you, maria. maria: let me just point out that dennis lockhart just said the unemployment rate is closer to 10% than what we're expecting today is going to be 3.8%. we said we are clearly in a recession right now. coming up right now, cigna services president is here on a new tool used to fight the covid-19 pandemic. and frank sorrentino on advice

for small whic business as stims loans begin today, we'll get into how effective giving this money out as dennis spoke about. beginning the 8:00 a.m. hour, we have all hands on deck, we have ohio senator rob portman on the coronavirus and the alpha one capital partners president is here, dan niles. don't miss that. we'll slip in a break and we'll be right back.

maria: welcome back. markets are lower this morning, take a look at futures indicating a decline at the start of trading, the dow on track to decline about 219 points at the start of trading, 21,060 the last trade, s&p down 22 and nasdaq lower by 72. crude oil is extending its rally, however. president trump expressed optimism yesterday that tensions between saudi arabia and russia are subsiding. he spoke with the head of saudi arabia, the crown prince yesterday. opec reportedly holding a virtual meeting on monday and the president is meeting with oil executives at the white house. the march jobs report is due out this morning, we will have the numbers. we spoke with dennis lockhart who told me that the unemployment rate is closer to 10% right now. even though we're expecting a level of 3.8%. this report only captures until march 12th. so we saw a lot of cuts after that and that may very well not capture the full extent of the job cuts in the month of march.

joining us right now is thornburg investment management president and ceo, jason brady. i want to ask you what your take is on the broad impact of coronavirus but specifically in terms of banking and investment management at thornburg. what are you seeing? >> sure. so, look, i mean, in investment management as long as we serve our clients every day, frankly our business model is one where the revenue is relative to assets and so and asset revenue management is down. we're fortunate that we're all working now remotely, we have less than 10% of our employees in our office. but we have all of our employees working. so it's a knowledge industry, something where we continue to serve our clients and frankly these are the markets where asset managers make their reputations. maybe in a bull market everybody feels better but these are the times when folks need us and need our help and we're really excited to provide it, frankly.

maria: joanie, courtney, jump in. >> jason, this is joanie courtney. curious if you are focusing on certain industries that happen to be performing well right now in this crisis? you know, the essential businesses, what we're seeing with healthcare and food distribution or are you taking more of a longer term look at what's going to come back after this crisis is over? >> certainly. i mean, we run a variety of strategies. i think it's got to be a mix. on one hand you have what i might term some of the new utilities. so those are the, again, some knowledge-based industries, obviously a larg a lot of largep tech fits this bill. these are names that look to be continuing to be effective in the world that we're living in. on the flip side, maybe more the value side, on one hand you have quite a beaten up over time, not today but beaten up sector of telecom which is having its day

in the sun. it's been underperforming for a long time now it's working out well and it seems as though data use is going to continue. on the flip side you have things like energy and financials. there i think you need to be looking at survivors. it's not that you're going to have huge cracks in the financial system. you may have a lot of bankruptcies in energy, especially in the high yield space and kind of smaller cap names. honestly, looking at survivors there, given how beaten up that is, is attractive. maria: we'll leave it there. you said you like telecom, not today but later. when is later, by the way? >> no, it's been beaten up. now it's working. it's really been a sector that has really, really low valuations, some really interesting -- maria: you would buy telecom right now. >> yes. maria: just to be clear, with dividends you would buy telecom right now? >> yeah, absolutely. i think there's really attractive dividend returns given the volatility in the market. maria: yeah. the dividends are actually

incredible, you're right. i was looking at that the other day. some of these dividends, it's like wow. you compare it to the treasury market and it's quite the difference. jason, thank you for weighing in this morning. quick break and then cigna services president tim went worth is here on the digital tool being used to fight covid-19. stay with us. back in a minute. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these.

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to do the extraordinary. take your business beyond. maria: welcome back. fighting back, a new digital tool developed busying that and express scripts helps people better understand personal risks from coronavirus. joining me right now, express scripts and cigna services president, tim wentworth. tim, great to have you this morning. thanks for being here. tell us how this works. >> good morning, marie y i mar.

i really appreciate you having me on this morning. could you repeat the question. maria: i'm trying to understand better how the digital tool works. >> so we're really proud of the fact that we put our patients first and at a time like this it is something where we continue to try to drive through innovation that can actually make things better for our patients and so these digital tools, in particular this bouy tool using cdc guidelines and so forth and enables patients to navigate their way to a best next action based on their particular symptoms and so it really is designed to engage a patient, to give a patient the opportunity to sort of take a calm view of their situation and then know what to do next. whether that's call 911 or whether that's take care of yourself at home or go get a test. so we're really pleased to make this available at no cost to literally every express scripts and cigna member. maria: so what is the -- this can happen pretty quickly in terms of the results of the test, right?

>> absolutely. it uses actually advanced analytics. so the member that's online will get an answer immediately as to what they should do next. it's a natural extension of what we've been doing for our patients for years which is really helping them take a whole person view of themselves and then know what's the next best thing and in a lot of cases by the way, the next best thing for these patients is going to be that you're fine, stay at home, continue to monitor yourself and what i would say given the role that we play, continue if you're on maintenance medications to take them because staying healthy right now has never been more important. maria: tim, let me ask you. because you are a critical part of the distribution of these important drugs that america needs certainly right now in the middle of this pandemic. how do you see the changes that will be made in terms of the supply chain? we are relying on the active ingredients in our prescription drugs from china and have been so for so long now.

what's your reaction to all of this? do you think this should be changed, to the supply chains in america so in the middle of a pandemic like we are in right now we don't have threats that china will hold back important ingredients for our prescription drugs like we heard from the beijing state media. >> i feel for every patient in america that wants to know they can stay safe and healthy. that's our job to ensure they have that supply chain ultimately yielding their ability to get what they need. i think in the middle of all this what we're know cussed on is making sure we can get what we need to the patients and we've done a terrific job as an industry and the patients have done a terrific job refilling responsibly. what we've seen in the part of the supply chain we operate in has been high levels of predictability. we've been able to take care of our patients. we foresee the ability to do that. there's been no issues around stockpiling. i think walgreens announced and we've seen the same thing that we're back to normal levels of

refills and so forth. i think there's going to be a moment whenever manufacturer and every board room in america is looking at the supply chain and evaluating how to ensure there's a high degree of resilience. what i will tell you -- maria: that moment is now, tim. i think that moment has arrived. do you think this is going to be much more expensive for consumers once production changes to american production supply lines? >> pardon? maria: i think the moment has arrived. i think producers are recognizing that when you need active ingredients for prescription drugs and you're in the middle of a crisis situation you don't want to rely on an outside foreign partner. you want to rely on american supply chains. so how much more expensive will it become for producers in your view once the supply chains are changed to america? >> well, again, 90% of prescriptions are generic and there are multiple places we're able to get those which is why there has been no supply chain

shock at all in terms of the majority of prescriptions. from that perspective i'm not able to pre indict today what the prices will do. the generic market will remain very competitive. the manufacturers are very efficient. i believe you're going to see citdiversification of supply. it's important to know that today there are multiple sources and it's working very, very well. maria: okay. that's very good to know. tim, thank you very much for joining us this morning. good to see you. >> thank you. maria: stay safe. tim wentworth joining us. coming up, strengthening america's economic backbone. the government's small business loan program launches today. how it works, will small businesses get the money when they need it, straight ahead.

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maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is jobs friday, april 3rd. your top stories right now, 7:3. the economic impact of the coronavirus, the march jobs report is out in about an hour, right now. we will have full coverage beginning at 8:00 a.m. eastern this morning. futures indicating a decline at the start of trading, down 189 points on the dow futures, nasdaq futures lower by 64, s&p futures down by 20. this after the u.s. markets managed to stage a bit of a rally at the close yesterday. 4:00 on wall street the dow was up 469 points, nasdaq was up 126

and s&p was up 56. oil prices this morning are extending a big rally yesterday. prices surged nearly 25% following president trump's remarks about a possible agreement between russia and saudi arabia to cut production. the president spoke with the crown prince in saudi arabia and has gotten them to agree to a cut in production of between 10 and 15%. the president will be meeting with oil executives today at the white house to talk more about the price of oil at $26.50 a barrel and its impact on producers. global markets look look this, take a look at the fq100, down 65, cac down 37 and dax lower by 25. the impact of the virus being felt across the eurozone. the march purchasing manager's index for the eurozone hit an all-time low this morning of 29.7. checking asian markets, markets fairly flat overnight, korea and japan able to squeak out fractional gains as you can see. the others fractionally lower.

the u.s. embassy in japan says american citizens should make arrangement toss return to the united states now as the virus spreads. the white house ordering more companies to start making much needed medical supplies. cheryl casone with those details now. cheryl. cheryl: that's right, maria. president trump invoked the defense production act thursday. this will free up resources to companies to ramp up production of medical equipment like ventilators. many states are in dire need as the outbreak spreads. but this is also a direct hit at n95 mask manufacturer 3m. the trump administration slammed the company for shipping masks overseas and not to places in need here in the u.s. in fact, one florida official is accusing 3m distributors of selling masks to other countries that are willing to pay cash versus selling to u.s.-based agencies. 3m has doubled production of the masks since january. well, the democratic national convention in milwaukee postponed from july to the week of august 17th due to the

coronavirus pandemic. joe biden has been pushing for the delay while some in the party it only helps president trump extend his years long head start. the republican national convention is scheduled to start on august 24th. another big u.s. company helping communities affected by covid-19, pepsico is going to donate $45 million to buy protective equipment for healthcare workers along with testing and screening services. the company is also going to hand out 50 million meals worldwide. and more celebrities are stepping up to help americans get through the pandemic. amazon's ceo jeff bezos donating $100 million to feeding america which works with food banks, oprah winfrey contributing $10 million towards the relief effort. well, the lottery feeling the economic pinch of the coronavirus pandemic. powerball will no longer have a guaranteed starting jackpot or a minimum jackpot increases between drawings.

why you ask? well, slumping ticket sales, powerball normally starts at $40 million after a win. starting next week the jackpot is going to drop down to $20 million. and finally, we can't get enough of this story, maria. the netflix series tiger king has become a viral sensation for people staying home and there are now calls to make it into a movie. and the star of the series, joe exotic, already knows who he would like to portray him, either brad pitt or david spade. the two top choices were revealed in an interview. many have drawn comparisons to the character joe dirt in the movie joe dirt. there is a mini series in the works with kate mckinnon, slated to pay carole baskin. no, i have not started the show. i will this weekend. back to you. maria: i've got to start watching this so i know the names.

cheryl, thank you. meanwhile, support for small businesses, president trump and treasury secretary steven mnuchin allocating nearly $350 billion in emergency loans in a package for american small businesses. >> $350 billion in loans will be available to small businesses including sole proprietors. these loans are up to 100% forgiveable as long as employers keep paying their workers. got to take care of your workers. >> i encourage all small business that's have 500 or fewer people, please contact your lenders and the fdic institution will be able to do this, any credit union, existing sba lenders and fin tech lenders. you get the money. you'll get it the same day. you use this to pay your workers. maria: so the paycheck protection program kicks in today. it comes just one day after weekly jobless claims hit an alarming new record of

6.6 million, unemployment benefits yesterday, leaving big banks reportedly unprepared for the flood of applicants. joining me right now is frank sorrentino who is part of the program. frank, good to see you. thanks for joining us. connect one bank will get money and you will then assuming lend that money out. what have you seen so far, frank, in terms of money coming to you and applications of consumers who need to borrow loans, frank? >> so mar so maria. good morning. great to be here again. the question of money coming to us, there is really no money coming to the banks. the banks are using their balance sheet with the guarantee of the sba in order to produce these loans and what we are waiting for right now are some final tweak toss the rule set -- twea--s--tweaks to the rule set. the application has changed a couple times in the last 24, 48 hours. a lot of people are lining up.

banks are not ready at this moment in time to pull the trigger. i don't know if it means it's going to be hours or days but we are right at the doorstep and connect one has been very ready for its clients. we started last friday. we started bringing those clients on-board, collecting the data we knew we needed to collect. we also have a subsidiary called bo fly which is a fin tech player which has over 8,000 applications pending and close to $2 billion in loan demand. so we believe this is going to be a very widespread program and as the president said and as the secretary said, every small business should play a part in this. every bank should play a part in this. this is a very elegant solution to get dollars to the hands of employees and their communities so that they can buy their food, pay their rent, pay their utility bills. maria: yeah. >> so we are working as hard as we can. maria: this is a really

important point. >> to get the dollars out the door. maria: this is an important point you're making. we had dennis lockhart on who said the program is a good program but until people get the money in their hands it's not working. so frank, you just said it's an elegant program, have you a lost optimism in it. but you said banks are not ready yet. why? >> well, look, the -- you've got to hand it to everyone who is involved in this. the lait was only signed into le week ago today. there's a lot of work that needed to be done. the sba had to write the rules, banks have to get geared up to be able to do this. we're only talking a week ago. i don't know of any other government program that within a week of its signing is practically ready to go out the door. now, i know everyone's focused on today, friday, april 3rd. but if it's not today, maybe it will be monday or the day after that. but we're not talking weeks.

we're talking hours or days. and that money will make its way into the economy and it will serve the purpose that it was intended for. maria: okay. terrific. i want to get the panel in here. here's what dennis lockhart told me a few moments ago, frank. listen to this. >> and then the third and fourth quarter will depend a great deal i think on not only how the epidemic evolves, but also how the cares act is implemented. some of the comments you made earlier i think are quite worrisome, that at the beginning some of the banks are not sure what the instructions are and so we're not getting this implemented as fast and effectively as it should be, maybe that's a matter of a day or two, but that's to me the important thing today. maria: frank? >> maria, i have every confidence that as we go through the day today, we will get clarity as to what exactly we

need. we at connect one bank are ready to proceed and as soon as those applications are accepted at the sba, we'll be putting dollars into small businesses' hands throughout our entire metro area. maria: love it. dagen mcdowell, jump in here. >> i talked about this pretty extensively yesterday. i have some specific questions, frank. the interim rule, final rule only came into the banks from the treasury department, i think late yesterday, and so why is the treasury secretary coming out and saying hey, we're ready to go friday when the banks are saying, no, we're not. what do you need clarified? is it that you won't be held responsible if there's incorrect information on the applications? do you want the anti-money laundering statutes relaxed somewhat? and do people have to -- do your customers have to go just to you to get these loans? if i run a small business, can i

go anywhere for one of these loans or grants, rather? >> okay. so a lot of questions there. dagen: right. >> let me take the ones that i think i understand. so yes, the rules were being changed as we speak yesterday. that's expected. this package is being rolled out very quickly. there are concerns. there are some economic concerns as to the pricing of different things, whether secondary market will develop or not. there are issues around bsa, aml, and all the other of kyc concerns that we should have as a banking industry. and there are some discrepancies between the bill that was passed and some of the rules that were written that have to be reconciled. i believe all those things will be rectified within the next let's call it 24 hours at the worst. and i believe that we will be ready to proceed forward, solve those issues and move on.

as to the question of whether or not you should apply at your own bank, the benefit of applying at your own bank is that they already know who you are. it takes away the kyc, the bsa and all the other issues. and so banks can move much, much quicker if you already have an account there. if you're brand-new to a bank, now we have to identify who you are, and we have to put you through a process. that could slow things down by a day, maybe, or two. and keep in mind, generally certainly within the 5,000 or so community banks in this country, they're going to have limited capacity as to what they can put out based on their balance sheets and i am certain they're going to want to handle their own client base first before they take any outsiders. that being said, i believe there's plenty of capacity in the system for this program. i think the program is very well-designed in how it will get money out to people.

the forgiveness piece is very well thought out and i think this will be the lifeline that small business needs at this very difficult time with the coronavirus. dagen maria: well, that's really terrific to hear, frank. thanks very much for walking us through it and certainly for your optimism as well. we'll be watching. good to see you. thank you for joining. coming up, getting the help you need, answers to your unemployment questions when we come back. be sure to tune in this tuesday, special interview, i'll be talking with alabama senator jeff sessions, big veer view inw coming up next week. we want to make sure you're there. we'll be right back. has stood strong through every dark hour and bright dawn our country has endured. it has seen the break in the clouds before anyone else. for the past 168 years, we've also stood by you, helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more.

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and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your parkinson's specialist about nuplazid. maria: welcome back. coronavirus putting millions of americans out of work, many now are seeking unemployment benefits for the first time. we saw those dreadful numbers yesterday, 6.6 million people filed for unemployment benefits in the last week. my next guest is here to answer some of your most pressing questions. joining me right now is the

office managing principle, stephanie lewis. thank you for being here. what should people have ready? what is the best way to apply for unemployment benefits? >> good morning, maria. nice to be with you. yes, jackson lewis, we're a national law firm assisting businesses all over the country navigate this crisis that has affected all of the workers with these dramatic spikes in unemployment claims and so our advice is for workers who have been displaced on a temporary furlough or layoff to apply for unemployment benefits online. that's going to be the best way right now because of course the unemployment offices are closed. the volume of claims is dramatically higher. and the online filing process is the best way. the employee should have social security with them, the information about their employer, information about the covid related layoff.

make sure you have all of that information available when you initially file. because the volume of claims is so high that you don't want delays from having lack of information at the time of your initial filing. so that's our recommendation for workers. but the volume is intense. it's crashing many of the unemployment systems. in new york, just for example, the new york unemployment agency is directing people to file by their last name so they have the date toss file by their last name. so that they are able to manage the volume of unemployment claims. maria: and there's a volume but there's also volume because of these new expansions in benefits, right, from the recent stimulus bill. can you tell us more about these expansions in benefits and what people can get based on the recent stimulus bill t 2.2 trillion. >> yes. it's a welcome relief to a lot of employees who have been put out of work. again, we hope temporarily.

related to this crisis. and what the stimulus bill does is it allows employees who have been put out of work due to this crisis to receive an extra $600 per week for four months through the end of july. on top of what the maximum unemployment benefit would have been in their individual state. so it's a huge relief for workers who have been affected by this crisis and it's really giving a lot of relief to businesses too. the business that's we're consulting with throughout the country, we have a whole task force dedicated to this. they're worried about protecting their workers through this crisis. and the businesses are relieved to see this economic relief to workers who are getting this extra $600 per week through the stimulus package for four months. maria: all right. we will leave it there. stephanie, thanks very much for your advice this morning. we appreciate it. good to see you. stephanie lewis joining us there. quick break and then messages from the front lines, words of hope from america's healthcare

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maria: welcome back. healthcare workers turning to social media to tell stories of overwhelmed hospitals and supply shortages. we wanted to share some moving messages from doctors and nurses in the united states and from across the world working tirelessly in the fight against covid-19. take a look. >> people are dying. lives are on the line. and it's not a joke. and it's not an exaggeration and i see it day in and day out. it's our moms, our dads, our brothers our sisters, our colleagues even are being impacted by this. >> working in an icu, we are faced with life and death every day and are dedicated to saving as many lives as possible. but i would be lying if i said i

wasn't scared. hospitals across the country are low on protective equipment. we are allotted one mask per day to conserve and prepare for the worst. >> the past 13 hours, honestly, guys, i felt like i was working in a war zone. completely isolated from my team members, limited resources, limited supplies. >> it's been a very busy true months. the minute we breached our capacity in intensive care. we have 16 patients in intensive care. the normal capacity is 13. and we've gone into the operating theaters now so we've got another three ventilated patients. >> this is what i have to go in a patient's room with and this is at the end of the 12 hour shift i put this int this paperg and bring home with me. i have to bring it to and from work every day. we are completely out of resource. >> any healthcare worker that you see, front line people, just tell them thank you because we

really are trying to keep the entire world healthy at this point. maria: and we have tried to extend our thank you and our gratitude to healthcare workers everywhere in the united states, we're facing shortages and across the world for putting themselves on the front lines in the face of this disease. dagen mcdowell, jump in here. the two of us have been giving shout-outs all week but they're going to need a lot more than that. they're going to need this protective gear and they're going to need support from the country and the world. dagen: a shout-out to fdny, ems station 7 in west chill chelsea. i can't say that enough. that's near where i live. in new york city, it is city-wide now, at 7:00 every night you hear cow bells, shouting, cheering, noise for all our healt healthcare worker. i think the entire country needs to start doing that. 7:00 p.m., throw open your windows, throw open your front door and start hollering like

you're calling hogs for all the people in this country who are putting their lives on the line to save our butts. maria: yeah. you know what? i'm going to do it tonight. i'm not in new york city but i'm going to do it tonight. i'm going to try to rally my neighborhood. thank you for that. 7:00, get your pots and pans out. thank you to all the healthcare workers. we need you so much and you are there for us and the world. still ahead, jobs in america, the much anticipated march employment report out in about 30 minutes will show us how this has gone from a health crisis to also a financial one, that's next hour, "mornings with maria," right here. life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

maria: welcome back. good friday moring thanks so much for joining us. i'm maria bartiromo. jobs friday, april 3 top stories 8:00 often button on the east coast coronavirus affecting u.s. economy american working march jobs' report 30 minutes' time economists expect decline 100,000 jobs unemployment rate expected to rise 3.8% in the last hour former federal reserve bank of atlanta president lockhart telling me the rate is closer to 10% unemployment right now says we are in a recession clearly, right now. we are bringing numbers full analysis when numbers hit the tape ahead of numbers futures pointing to -- >> futures flat ahead of the number a dow futures up 7 points dow industrials s&p

futures up 4 nasdaq futures up 3 1/2, we are seeing a bit of a reversal this is fractional market was declining earlier, this is on top of a pretty good rally yesterday at close, yesterday the dow industrials off triple digits up 469 nasdaq up 126 s&p up 56 oil prices extending a rally surged nearly 25% yesterday following president trump's comments on possible agreement between russia and saudi arabia to cut production up to 15%. president will meet with oil executives today at the white house oil creeps higher $27 a barrel right now help on the way for small business, loan applications open up today, concerns are still remaining about the volume the white house says money going to individuals should start appearing in bank accounts in a couple weeks, plus new recommendations on wearing masks, to stem the spread of coronavirus we are waiting for official word from cdc.

here is a live look outside historic wrigley field in chicago courts earth cam first pitchout, cubs fans waiting for start of the season loss of professional sports impacting jobs across the country that shot is sad to see so it quiet, "mornings with maria" live right now. maria: global markets this morning lower european indices as you see mixing with dax up now in germany up 312 points ft 100 down 33 cac quarante in paris down 16 impact of virus felt across europe march purchasing managers deduction all-time low this morning in asia overnight, it was fractional moves preg across the board as you will see korea japan able to squeak out a fractional gain. >> elsewhere in morning, we are looking at interest rates, the yield on 10-year treasury currently looks like about this we have been falling rock-bottom levels after two

consecutive declines .6%, joining the conversation dagen mcdowell joanie courtney john lonski all hands on deck we will get numbers on jobs everybody thank you for being all hands on deck this morning even though we know we may see unemployment rate 3.8% but probably higher much higher than that probably 9 or 10% given what we saw yesterday in jobless claims. dagen: many people talking about this month at least 20 million people lost jobs, including the last couple weeks, in march. you will see a double digital unemployment rate the question is because we keep talking about small business lending facility, small businesses employ roughly half american workforce, the whole point of this program 350 billion dollars, is to make sure, that you give those businesses money so they don't lay off more people, so they have money available, for the unemployed we are trying to ensure that people keep their jobs, for the next couple

months, it is mission critical for them to get this rolling, this lending program really a grant program not even loans. today, might be next week before something really starts happening with banks, because lack of clarity from treasurer department small business administration. maria: some worried the banks are not ready, we just heard from frank sorentino from connectone the latest on coronavirus coronavirus more than one million people affected, infected with virus at least 53,000 people died united states represents nearly a quarter of the cases, across the world, the cdc is expected to advise all americans, to wear cloth masks in public to stop the spread of the virus dr. birx yesterday said we weren't aware how contagious it is mike pence says new guidelines are coming in next few days would be on top of social

distancing rules already in place. >> covid-19 fears growing aboard a stramded stranded cruzship headed to florida today with several about infected passengers as you a crew member died on celebrity infinity ship sitting off the coast saint peters bering, 14 six patients from two holland america ships rushed to the hospital after crisis finally docked at port everglade at least 70 passengers centimeters with covid-19 symptoms remain onboard until deemed medically fit. >> so that walt disney furloughed nonessential workers forcing company to close theme works u.s. disney stores furloughs start april 19 affect nonunion employees with executive saerld workers at disney, halting monthly payments for annual pass holders. >> patriots team plane

delivering 1.2 million medicals masks from china for hospitals in massachusetts rhode island new york massachusetts governor baker bought masked needed help to get to states only allowed on froubd understood in china three hours took nearly that entire time to load cargo. >> so support for small business president trump mnuchin allocating nearly 350 billion dollars in emergency loan package for american small businesses. >> have to we need to execute we need to get money to small business american workers that is what we're doing. we are going to raise the interest rate on these loans again, the interest rate is paid for as part of the program -- the bard doesn't pay -- we announced 50 base points two weeks first payments will be direct deposit into taxpayers account working with all to make sure we have with a process that

every american gets their money quickly, this money does people no good if it shows up in you four months we will deliver on that promise. maria: c some big banks reportedly unprepared for the flood of applications joining me right now ohio senator member homeland governmental affairs committee as well as foreign relations committee port lan thanks for being here let me ask you about are these of all this 350-billion-dollar loan package looks good many people feel it could move the needle. we heard from one banker earlier, on the program, talking about banks perhaps not being ready because they don't know the rules the web site is -- is not live what is your take on whether or not banks are reckless disregard. >> i think new guidance last evening was very helpful i am looking at loan application as we talk streamlined easy for small business to be able to apply. and i am finding regional bank

in ohio, fist third huntington bank, up and ready i think have information they need local banks, community bank contacted me last night said they still have concerns over some guidelines but looking at it quickly, i think some money will go out very soon, i mean, like today. chnl in form of loans but as you say loans forgiven if used for payroll -- can be used for utilities mortgage rent our small businesses need it i was on a call with small businesses in ohio, couple days ago, i asked them take a survey how they plan to use it 15% said definitely the other 50% said looking into it, they haven't said no -- the retention taxpayers might work better i think going to help. >> okay, because i guess there was questions about baefrpgs needing more guidelines in

terms of how to administrator the money that is what they were waiting on residents of your state have been hit particularly hard, jobless claims in ohio last two weeks reached almost 470,000 in perspective over 360,000 unemployment claims filed in ohio in all of 2019. >> yes overwhelmed, last week we had a 20-fold spree of from previous week relatively high i agree he with what your guest said about unemployment rate congressional budget office said going to be over 10% this quarter. you know, the 3.8% is a lagging indicator as you know the jobs friday numbers are -- you know a good indicator for but in case like this things moving rapidly it is lagging the real economy gdp -- cbo control budget office said they expect it minus 28%, on an annualized rate so we are in a free-fall right now

continue to do what we can to prop up the economy through rescue package, most importantly maria you talked about this on air i heard you we've got to deal with health care crisis, until we get the corona crisis under control not able to get back on feet economically. >> i was reading nancy lazar cornerstone macro expects 25% you said 28% you said we are in a free-fall we need assistance now in terms of small business, big business, senator we know you are doing your part appreciate your time morning. thank you. >> thanks for what you are doing explaining things to folks telling people, to hold on, a few months from now things will about very different we need strong economy to pull out of this. maria: we hope, so by the end of the year we hope for that rebounded rob portman we will be. >> the jobs' report 20 minutes you heard senator agree with

what we have been talking about jobless rate now probably closer to 10% not 3.8. we'll be right back. stay with us. jo welcome back waiting

march jobs' report due out 15 minutes from now estimates point to loss 100,000 jobs for the month unemployment rate 3.8%, of course, last hour former atlanta federal reserve president lockhart told me actual unemployment rate likely closer to 10%, which is what i said start of show given 6.6 mm jobless claims we saw yesterday joining me make money host charles pairn normally talking about a boom economy boom jobs number not that today we are not going to get the accurate number of march because this is this ended at march 12 in terms of capturing the jobless numbers. >> right. maria: so march 12, a lot of

cut babs didn't happen till after march april probably more reflective what is going on. >> you are right some talk about modeling moldling aspect the market factoring in huge downturn in jobs employment, of course, rocketing 10 million jobs, in last two weeks alone to see how issue market reacts last two thursdays have been curious sessions where, we had amazing just unfathomable unemployment numbers both of those sessions market was higher. we are bracing for the worst i think with a lot of people trying to figure out are we going to rush you toward apebs sort of thing with virus would may be mean rush toward apex

about with this financial pain, you know for everyone talked about v-shaped recovery the fact is shorter the duration of downturn quicker sharper we come back, so you know obviously, no one is going to force anything but we do want to see changes we want to see, spain yesterday for instance overnight had first day of day over day, smaller case numbers for the first time since you march 26, every small item, trivial means a lot as would he brace pray for this to reach a peak and start to come down. maria: yeah, i i mean look we got markets that are reacting to this as well. because charles we know that the economy has slowed down to a halt we've got special coverage march jobs' report entire hour charles you will be back numbers coming out 8:30 a.m. eastern stay with us for this report going to be important, we are just minutes away from march jobs' report we break down everything you need to know when we come

right back be sure to tune in for town hall with charles payne e-mail questions to charles vested in you fox business.com, stay with us. ♪ ♪ why do things that are supposed to make life easier sometimes feel so complicated? ibm watson is different. it's ai that works on any cloud to help your business tackle problems... from building smarter cars to predicting sales trends to improving customer service... without slowing you down. ♪ ♪

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maria: welcome back march jobs' report due out in have a few moments from now, economists expecting loss 100,000 jobs in month of march that would be first decline in more than a decade, the unemployment rate is expected to pick up to 3.8% joining me to break it down this morning former "the wall street journal" editorial board member stephen moore senior writer jon hilsenrath u.s. bank wealth manager sr., vice president lisa erickson thanks so much being here a big number let me kick it off with you jon hilsenrath we talked with former president at lant atlanta federal reserve agreed with me the unemployment worse he said closer to 10% unemployment we are clearly his words not mine in a recession. >> yeah, we're not going to see that today, we are not going to see that today,

because the survey as dagen pointed out earlier in the week done early in the month march doesn't capture all job loss we start to see increase but really bad number coming about a month from now. >> what about that we are not at peak of the worst yet in terms of the jobs market we will see what numbers show today. but in your estimation how long do you expect this to go on in terms of this shutdown, and impact on the economy? >> o first of all, the, unemployment right now as we speak, because you guys are right but we are actually getting a glimpse what it was a couple weeks ago, right now i would estimate unemployment rate in this country probably close to 10 to 15% i wouldn't be surprised if by april or may that rate doesn't go up to 20% some people saying 25. this is this is a backward-looking indicator we are getting today. my worry maria is that if there is a slippage from april

30th date the president is talking about now if we go into may with the economy shut down because look it doesn't matter how many aid packages we pass doesn't matter how much money the fed is pouring into the economy if kwloouf got businesses shut down you've got a problem in terms of gdp unemployment, it is vitally important we get economy running in may damage cascade -- if this goes into june i think we may see economy shut down i mean you know not a recovery until end of the year. >> all right details edward lawrence in washington good morning to you. >> good morning, maria right now these are different this month for the labor report numbers coming out right now would i be in labor lockup going through drilling down into numbers to have best information for you at 8:30, now because of social distancing, there are eight people in that room labor department bls because of

social distancing we can't do that things different we get relief, as you guys get it, as everyone gets it 8:30, and we know exactly where numbers are inside he what to look for pages to go to for that we will have best information as this comes up at 8:30 that is the reason not seeing labor department today. >> thank you. we take a break then get the numbers stay with us back in a moment. in addition to the substitute teaching. i honestly feel that that's my calling-- to give back to younger people. i think most adults will start realizing that they don't recall things as quickly as they used to or they don't remember things as vividly as they once did. i've been taking prevagen for about three years now. people say to me periodically, "man, you've got a memory like an elephant." it's really, really helped me tremendously. prevagen. healthier brain. better life.

maria: welcome back, we are awaiting the jobless numbers good morning, everybody. i am maria bartiromo, jobs friday april 3 your top stories just before 8:30 a.m. on the east coast. thank you march jobs' report out in two minutes' time. economists expecting a decline 100,000 jobs in march, expecting unemployment rate to rise to 3.8%, remember, this is capturing the business activity for march 12 not really getting full extent of

the coronavirus impact dennis lockhart formerly president atlanta federal reserve told me moments ago number in terms of unemployment is likely closer to 10% because we are clearly in a recession, says lockhart we are waiting march jobs' report as we await lisa ericsson your view what we will see. >>. >> i would agree with comments really that john and steven have made going to see some decline really not resting full impact we've seen last two weeks simply because survey days cut off mid up a half we are going to likely see higher unemployment numbers as we go forward, and even more past even most recent jobless claims report because -- >> we sure are dagen jump in here. dagen: furloughs disney furloughing u.s. employees ge,

aviation furloughing half, manufacturing workers i want to point out people can get unemployment benefits only thing concludes yexcludes you did paid leave i tweeted the quote of at a for me walt disney spokesman we have no clear indication when the-- we can restart government fighting the virus need to focus telling american people business owners big and small when we might be able to restart and start laying out guidelines for that. at least lets business owners operators plan to a come back in in also instills hope in people. maria: we want clarity we are in what somebody said was a free-fall a moment ago we are talking about a contraction second quarter better than 20% could be up to 30% second

quarter we don't have vision the rest of the week in terms of when economy comes back until we get articles around the virus talking about antivirals every day, hydroxychloroquine, the vpac we don't know until we understand treatments available as well as vaccine could be available, it is 8:30 a.m. he east coast waiting on jobs' report down 701,000. versus estimate 100,000. >> 4.4% unemployment rate 4.4 unemployment rate versus estimate 3.8%, actually 4.4% number jobs as you just heard down better than 700,000, these are sharp numbers probably going to get worse, jon hilsenrath reaction? >> yeah, i think you are right maria going to get worse to give asense of scale of things

in 07 to 09 lost 8.7 million jobs unemployment claims over nine million peak unemployment rate 10% looks like there waivend what -- based on what we are seeing in unemployment claims numbers. >> quickly i can explain some without even reading this report we have had a loss of 701,000 jobs, the survey of employers, of course, took place in the pay period including march 12th, new york city shut down all bars and strarnts just as an example on march 15th. so that web site before that date certain march 15 when some restaurants were closing, some bars already closing not just in new york but most certainly out in california as

well the most heavily populated areas in the advance of this heavy heavy job losses lay-offs that week in which survey was taken if you are surprised by this number that could be part of the explanation. maria: . >> 4.4% now so if you are considering what you just said dagen you are talking about unemployment rate much higher than this, markets are reacting down 202 points. right now, on dow industrials, as we react to numbers, we've got more to talk about laboring participation rate wages as well edward lawrence in washington. >> interesting the average hourly wages actually rose, for first two weeks of march, 3.1% over past 12 months rose 11 cents labor force participation rate 62.7 down .7% on this also if you look another numbers going in

you can see that jobs construction jobs lost 29,000, the goods producing jobs down 54,000 private sector producing jobs lost 659,000 jobs retail down 46,000. you can see where some job losses are coming in those retail good producing servicing areas. maria: what you are saying is there are certain areas that have not seen the stark reality as others, edward lisa what are you seeing out of these numbers when would you expect some kind of a rebound is it all about virus and the pharmaceutical sector? >> well, certainly sobering to get a print lower than estimates i think at this point i probably wouldn't put too much stock into it, only because factors we have been talking about not reflecting current situation also because i think what we see from estimates lately it is really

difficult to get a grip on where things are headed, because people really are having hard same assessing unique nature of slowdown as far as what it takes to turn around i think two things what you mentioned maria, really being able to get more of a sense of -- part of this in addition to this i think to dagen's point when we can lift the social distancing policies because at the end of the day that is really what is causing, stoppage in economic activity. maria: good point stephen moore jump in. >> i was thinking maria remember exactly a month ago we were all sitting here, proclaiming we had best economy in 30, or 40 years with 350,000 job gains so he heartbreaking to see this happen. as long as -- if those numbers that are right, maria, that you were talking about some projections the economy is going to fall by 20 to 30%,

those are horrific numbers i remember a kid reading about great depression high at that moment rate numbers never thought we would see that in our lifetime we proportionalote will it will hinges getting economy opened quickly as possible i worry if we go past may 1 damage carnage cascade so much makes it really difficult for businesses to reopen i think a lot of people think this economy is like ignition switch like to on all of a sudden jobs come back i really wore when you see so will bankruptcies that are going to happen i hope they come back we have never experienced this before. maria: could steve you don't know everybody would like economy to open by may 1 i totally understand what you are saying we don't know we don't know where this virus is going new details from cdc.

>> we can get economy going let's do it new york city is going to be shut down a while. maria: debate about that as well there is a debate about that as well people feel if you are going to shut down parts of the economy not other parts people who are infected go to other parts not shut down, keeps going, going, and going thinking behind all calls to have a true shutdown nationly. >> historical what united states has done come in with aid for people loving jobs as "the wall street journal" has been writing, we are doing more than that right now. we are giving money through 350-billion-dollar small business lending grant program we are through the federal reserve we are giving money to businesses to not lay people off. you get two months payroll that is just forgiven by a loan a small business administration, we're paying

as nation borrowing money paying employers to keep people on their payroll. we are coming at it from both angles so not necessarily like oh you get a month i am going out of business in a month jobs aren't coming back i am not dismissing the concern about the destruction of those jobs jo, permanently but we are doing something very different than we've done historically we are trying to do it with with speed. maria: yep that is right joanie courtneyaway in. >> maria i think, this report shows leisure hospitality lost 459,000 jobs. and that is where it really started we saw travel slowdown, on aviation certainly was impacted, and if you look at the jobs posting numbers we've seen a decline in aviation, travel, leisure, restaurants, retail but that is just the start of it so it is only going to get worse.

every week. until we get this under control. you know, i do think wages though held steady we are seeing some hourly wages of the frontline workers, i mean truck drivers logistics warehouses companies are stepping up actually paying their people more money for her to come to work try to keep them safe just to keep supply chain going so there are jobs, in that area. there is jobs coming back mortgage banking, collectors f for. >> working on 500 to 1,000 attorneys to help with some small business there are opportunities out there, but, unfortunately, this is just the start of the real decline only going to get worse next month, to, you know, who knows how long a couple months. >> maria can i jump?

>> we don't know about tv john. >> the situation right now workers wages falling unfortunately i read about well-known engine company won't use its name imposed 25% wage cut to help conserve capital. there are times i would like to be optimistic about how this plays out but i captain help but notice in united states we've had you roughly 4,000 deaths from are coronavirus coronavirus. that is much, much less than the 100,000 to 200,000 deaths that are now he predicted by trump administration, because of this i can't help but think we have a very rough road ahead ahead of us job he go openings are people afraid to containing advantage of job

openings because they fear getting ill. dagen: no the amazon hired 80,000 of 100,000 people it wanted to hire i do think we need to focus on the people putting their lives on the line by keeping us fed working in hospitals, and medical centers nationwide they ought to get paid more, and more than a 1200 dollar check from the treasury department that is on business but might be on the government down the road to make sure, those people who are putting lives on the line to keep us fed keep us healthy, get paid what they deserve, and i sound like bernie sanders. >> that could be no, that could be in phase four deal by the way, the congress and president talking about a phase four deal in terms of another relief package you are right, may very well be more money goes to individuals, on the frontlines. charles payne jump? >> you cover a lot of things going back to recurring conversation everyone is

saying the big focus is when america can get back to work. you know dr. got leibaie thought pretty good road map four phases first three get us into work mode remember this thing is littered with it is a political minefield boris johnson talks be herd community the beginning rescueered every time someone dies in uk they are going to proclaim him but a combination of herd immunity germany talking about antibodies certificates going to be something that is going to have to happen we have to take a small amount of risk, to get this economy back on line or talking about something catastrophic no one could imagine. maria: that is very aggressive actually, talk about that a bit because when uk first came out with its strategy that everybody thought was nuts, that boris johnson told everybody go out go you know enjoy yourselves don't close down go have

dinner, be in crowds because of herd immunity so what is the point charles if everybody gets it you create an immunity to it? everyone gets it what if we had only quarantined folks 60 and older at onset of this apologetic i can tell you why that doesn't work i can tell you why that doesn't work. >> let me finish itch very patient cut me off let me know when i can talk. dagen: go ahead charles. maria: finish your thought go ahead. >> all right, so, anyway, as we hit apebs in this country there is talk as many as 35% people in new york and new jersey have gotten this virus many had it didn't know they had it we do tests find things out, these are people eligible to go back to work. you know, keep -- isolated as long as you want as you learn about folks who are eligible to go back to work, lower risk

we've got to get engine of this company moving i have been about he researching great due process people say okay alternative it really is not i am not saying pick one over the other we are in midst gathering data already we are going to know who is eligible to get back to work sooner rather than later, issued a we need to get the wheels -- moving again. >> we don't even know though if once they go back to work they are immunoto getting it again do we know that once you have it can you ave immunity? i don't think we know for sure. >> from what i have reader they are maybe we don't from what i have read so far maria i have read that you cannot get it again, maybe i am wrong. dagen: i want to bring up the issue of age, because i hear this a lot from people. we got a cdc report earlier this week, that showed that patients in u.s. with underlying health conditions are likely to be at higher risk of severe disease from

new coronavirus if you look at percentage of adult patients hill off 75% chronic renal disease a curve disease 1 are% debates almost -- those are not age related conditions we have a nation that is a large percentage of it i think one third of the population is more bmorbidly eastbound with that conditions like diabetes not just age related one thing health officials have to grapple with in trying to get people back on job. >> dagen the point we know -- we know who those people are. we know who the people are, who have these preexisting conditions those are people we need to continue to remain quarantined we know, by the

way, it is outrage the government isn't giving statistics about the age profile people dying we know average age is 70 to 75 years old we do know that the seniors are much, much, much more vulnerable than younger people obviously, in other words, what i am saying i am surprised i got pushback from you all, we have to get the economy open in a smart way we have to do the things that the charles is talking about. people most vulnerable obviously, we want to keep them safe and secure. but, you know. dagen: i am not disagreeing with you easier said than done again. >> that is true. dagen: we are not communist nation not go through health records tell people who have diabetes you can't work, united states of america doesn't work like that steve, you know that. >> look, let me make one quick point this is really important. you know we have a big segment of our economy that is open, we have trucking companies,

companies like fedex up and running i talked to fred smith other day they have 350,000 workers on the job in trucking handling packages pilots people on airplanes mechanics out of 350,000 says got less than 400 people got sick one out of 1,000, my point is, a lot of companies figured out how to do it get people on the job being productive, and not getting their people sick by using the best medical know-how best kind of public health measures so i think we can do this in a smart way not ruin our economy. maria: let's take a break on that note because it certainly looks like the numbers are -- are quite dismal march jobs' report out analysis when we come right back. stay with us.

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markets lower futures indicating decline 140 points start of trading this morning, as the nonfarm payrolls go negative for the first time since 2010 we brought you numbers, march jobs' report, showing 701,000 jobs lost during march, the unemployment rate up to 4.4%, joining me right now over the telephone

alpha won capital founders partner dan niles thanks for joining us. i am getting to your performance i know you have been navigating this very well at your firm alpha won capital partners first let me get your take what we are seeing in backdrop i know how much research analysis you do how do you see this march jobs' report dan. >> it is in line but the problem is going to be it is getting so much worse as you get into april, and may and june. because, if you look back the market really started to sell off in month of march, and a lot of companies finished first quarter now going through process figuring out how to survive next quarter when things are going to get really bad you only really have one bad month march quarter the month of march june quarter you are having a full quarter impact from what we've seen in the past that is when things get ole ugly i

fully and unemployment well above 10% the question does it break being 20. >> market is improving from lows a decline now 80 points on dow industrials, you have been able to navigate all this really well dan i am looking at your march numbers you wrote to your investors in your mom note given march worst month in history since great depression i want to give unyou had aiteded estimate where we stand s&p down 24% is a tori fund down -- up .04/10 of a percent.04 year to investigate, s&p down 30% your fund down 1.7% so obviously, you are beating the market dan how are you doing it? >> yeah, if you -- i can't comment on funds performance given a private registration in terms of where we ended, month march in the year we are actually up for both the month of march and the year that was i think what you are referring, to is low point. people want more information,

can go to dan niles.com, but whether really has been very judicious when i was on your program late january you talked about virus how about it would impact things we were very negative on apple treated about that, but some stocks we bought long side gaming, and e-commerce being a horizon up for the quarter, so a lot is trying to balance between shorts and names you think will benefit, going forward. maria: and i know dan you have breaking news this morning announcing a new fund with a lower required minimum investment, did you launch that fund yet? >> no, actually we just made that decision, over the last couple days. because, our big fund has much higher minimums for net worth income we feel everybody deserves a chance to protect investment opening a clone of that fund can only have 99 investors by government regulation we will see if

demand and may open another one that is it right now yeah kind of interesting. >> let me ask you this at some point i guess going to be enormous opportunity to ply stocks given valuations in nowhere else drop market values are you buying anything nibbling at anything what would you look at once rebound takes hold. >> first thing valuations actually aren't good they are pretty high, if you look at market gap to gdp, that is around 1.1 times, it had been all-time record high about 1.5. so this helps but the problem is the average since 1970 is 0.8 to get average market could drop another 30%. the area that we are nibbling at like gaming sector nibbling on that band width i think good supporting people working from home gaming from home, a

game momentum i think doing better be expedite apple being biggest customer we are short apple to hedge that portion of riveng i think ring central you can take business calls from home we like that name a lot, of course, amazon, so those are names we still like, we thankfully are started nibbling on oil sector couple days ago turned out to be okay. that may help stabilize the market it wasn't just covid that hit the market the combination of that, and then you know oil price war we had that is actually settling might help market to settle do better in terms of where floor is than of chase thinking before. >> a great point to make because oil prices, are was just one more sort of pylon in environment where u.s. days truly suffering we are going to talk more this weekend on

wall street you are among special guests see you then friday nightly 9 pm eastern thank you for weighing in we appreciate it see you tonight on "the wall street journal" dan niles jobs in america a march jobs' report out economy lost 701,000 jobs last month far worse than economists expectations unemployment rate up to 4.4% sounds like what we could -- we can all agree on with he gos teamed panel john lonski? >> yes, unfortunately that's the case. i think it's premature to state that we have a bottom for the equity market. look for share prices to move lower. if i'm looking at the equity market, i'm going to pay a lot of attention to bankruptcy risk. while the shareholder can't tolerate a temporary cut in dividends, if bankruptcy occurs, that basically wipes out shareholder equity. that is, i think, something we need to consider going forward. maria: yeah. i think it's a great point.

john, i will say good-bye to you today. thank you so much for your coverage this morning. great work as always. we will see you soon on the program. we are looking at all of the unemployment benefits and the opportunities out there in terms of work. what will you look for in terms of the first green shoots, that maybe things are beginning to stabilize? >> the first thing would be that we see some comeback in the automotive sector because they were some of the first to shut down. so that's something we're watching. we have seen many of the automotive companies actually hire people back to come in and even make face shields and equipment, you know, that's so important right now. but when i look at this overall, we probably have about 150 million people still working today in the u.s. economy. we know we are going to see more declines in unemployment. the fed is saying it could be

20% to 30%, that could be 30 to 50 million people, but you know, if we can stabilize this, certainly i think employers are trying to do everything they can, the government is trying to do everything they can to keep people working. maria: the stimulus has been a quarter of a percent of the actual gdp, 25% of gdp. lisa, how do you do your models in terms of the economy right now knowing what you've seen and what you are expecting over the near term? >> well, we are actually thinking right now it's probably a lot less important to pay attention to the economic indicators, so we are actually refocusing a lot of our analysis on a couple of different things. one is just within the markets themselves, some signs of stability and volatility and some of the other panelists have mentioned this, but certainly we should be very cautious right now. so until we see some signs of more stabilization across all

classes, not just u.s. stocks. another thing we're doing, within the economy, we are focusing more on high frequency and leading economic indicators as opposed to the broader array of economic indicators that we would usually look at. so it's really changing the analysis and the third is certainly really looking at policy and again, it's been [ inaudible ] so far but the absorption of those programs is going to be very important. maria: real quick, a few more comments. john hilsenrath? >> i think we have to distinguish between permanent and temporary. hopefully god willing, a lot of these layoffs will be temporary and these horrible numbers aren't going to be with us for a long time. but the problem is we can't get the economy going again until the virus is defeated. the longer -- we just turn the lights back on, this whole crisis gets prolonged, and the longer that draws out, the more these temporary job losses

become permanent. maria: yeah. bottom line. dagen? >> i save my time to others. maria: it's been a great conversation. dagen, joanie, jon, lisa, charles. have a good day, everybody. it's friday. keep it right here. fox business, fox business.com. i will be interviewing the ceo of 3m in a few minutes. be sure to tune in for his reaction. go to foxbusiness.com for it. i will talk to stuart varney. first let's get to "varney & company." stu? stuart: one day looks much like another, doesn't it? it doesn't seem like a friday, i don't know about to you. here we go. good morning to you. good morning, everyone. all right. 701,000 jobs lost. the unemployment rate goes to 4.4%. look, today's job numbers, the ones i have just given you, do not fully reflect the true state of the economy. these numbers relate to early march before the full impact of the virus